Will India Finally Get Its Hands On Mehul Choksi? The Elusive Billionaire Arrested In Belgium

In a major breakthrough for Indian investigative agencies, fugitive diamond merchant Mehul Choksi has been arrested in Belgium, years after he fled the country following the Punjab National Bank (PNB) scam, which defrauded the state-run bank of over ₹13,850 crore (approx. $1.5 billion).

His arrest, which came on April 12, was based on a formal extradition request by India and marks a fresh chapter in the long-drawn chase to bring the embattled businessman back to Indian soil.

The 65-year-old is wanted by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) for allegedly masterminding a sophisticated banking fraud in connivance with corrupt bank officials.

Choksi’s company, Gitanjali Gems, along with others, is accused of misusing Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs) to siphon off thousands of crores without following any prescribed procedures, resulting in one of India’s biggest banking scandals to date.

Belgium — The Latest Hideout in a Global Run
Choksi fled India on January 2, 2018, just days before the scam came to light. After initially heading to the United States, he secured citizenship in Antigua and Barbuda in late 2017 under its Citizenship by Investment Program. Since then, he’s allegedly moved between various countries, dodging extradition attempts.

In 2021, Mehul Choksi was detained in Dominica while allegedly trying to flee to Cuba, but his defense argued he was kidnapped from Antigua. Dominica later deported him back to Antigua instead of extraditing him to India.

This time, however, he was located in Belgium, where he is believed to have obtained residency in 2023 with the assistance of his wife, a Belgian citizen. Reports suggest Choksi doctored legal documents and misrepresented his nationality to local authorities, a move that seems to have delayed India’s efforts to nab him until now.

The Legal Battle Ahead
Despite the Interpol Red Notice against him being deleted, Indian agencies pressed on with a renewed extradition plea and this time, Belgium responded. But Choksi’s defense team is preparing for a legal dogfight, planning to seek bail and stall the process on medical and humanitarian grounds, including his alleged health issues.

Whether these defenses hold up in Belgian courts remains to be seen. India’s agencies, bolstered by this arrest, are expected to pursue extradition aggressively, hoping to avoid another Dominica-like scenario.

From Business Empire to Global Fugitive
Once the scion of a modest jewellery business inherited from his father, Mehul Choksi rose to power and fame by building Gitanjali Gems into a sprawling diamond empire with stores across India and abroad. But behind the glittering showrooms was alleged financial deceit and collusion with bank officials.

Alongside his nephew Nirav Modi, who is fighting his own extradition battle in the UK, Choksi’s downfall is emblematic of how unchecked access to credit lines and poor internal controls can bring a massive financial system to its knees.

But will this long chase finally end in Choksi’s extradition, or is this yet another round in his cat-and-mouse game with Indian authorities?

From Humble Jeweller to Global Tycoon
Born in May 1959 in Mumbai, Mehul Choksi inherited a modest jewellery business, Gitanjali Jewellers, from his father, Chinubhai Choksi. Under his leadership, the company flourished into Gitanjali Group, one of India’s largest jewellery empires, with nearly 4,000 retail outlets across the country and a growing international presence.

Choksi soon became a familiar face in celebrity circles, sponsoring Bollywood shows and rubbing shoulders with India’s elite. But beneath the glitz and glamour, financial deceit was taking shape, one that would shake India’s banking sector to its core.

The Move
In early 2018, India was rocked by revelations that Punjab National Bank (PNB), one of the country’s oldest lenders, had been defrauded of over ₹13,500 crore (approx. $1.6 billion). Investigations uncovered that Choksi, along with his nephew Nirav Modi, had used fraudulently obtained Letters of Undertaking (LoUs) to siphon off vast sums of money without offering proper collateral or security.

This wasn’t a one-off scam. Choksi had been meticulously planning the fraud over a span of three years (2014–2017), slowly tightening the noose around the Indian banking system.

The Big Escape 
Just weeks before the scam came to light, Choksi fled India in January 2018. He landed in Antigua and Barbuda, where he had secured citizenship through a now-controversial investment program. When reports emerged in late May 2025 that he was living in Belgium, Indian authorities swiftly reignited their pursuit.

India’s Response
The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) filed multiple cases against Choksi and revoked his Indian passport. A Red Corner Notice was issued via Interpol, an international alert to arrest fugitives wanted for serious crimes.

But despite the mounting evidence, India’s extradition requests ran into roadblocks. Choksi cried foul, citing political persecution and human rights violations, and managed to stay out of India’s reach.

The Dominica Drama
In 2021, the story took a bizarre turn when Choksi mysteriously vanished from Antigua and surfaced in Dominica. He claimed he had been kidnapped by Indian agents, an allegation that raised more eyebrows than credibility.

India quickly dispatched a legal team to Dominica, hoping to bring him back. But citing medical reasons, Choksi once again managed to evade extradition and returned to Antigua.

Breakthrough in Belgium
On April 12, 2025, India finally had a breakthrough. Acting on fresh intelligence, Belgian authorities arrested Choksi in Antwerp, where he had allegedly been living quietly with his wife. He was believed to be preparing to shift to Switzerland under the pretext of medical treatment.

The arrest came as a huge morale boost to Indian agencies who had tirelessly tracked him for years. But experts warn that the battle is far from over.

Still Some Time
Choksi’s legal team is already preparing a strong defense. They are expected to seek bail and argue against extradition on health and humanitarian grounds, tactics he’s used successfully in the past.

Meanwhile, whistle-blower Hariprasad SV, who had first alerted the Prime Minister’s Office back in 2016 about financial irregularities, voiced cautious optimism. “Extradition is never easy. Choksi has deep pockets and will hire the best lawyers in Europe. He’s done it before,” he said.

Hariprasad also revealed that nearly 100 of Choksi’s franchisees had filed complaints across India, including an arrest warrant from Bengaluru police, none of which made headway due to his legal shields.

‘Getting Him Back Is Not Enough, Recover the Money Too’
While Choksi’s arrest is a significant milestone, Hariprasad stressed that the real goal should be the recovery of the billions looted. “Bringing him back is just one part. What’s more important is recovering the money he stashed across the globe,” he said.

For many defrauded franchise owners and ordinary Indians, justice remains incomplete without financial restitution.

Will India Finally Get Him?
While Choksi’s arrest in Belgium rekindles hope, the road to extradition is neither swift nor certain. Belgium, being a part of the European Union, follows a rigorous judicial process in such matters. India’s legal team will need to make a watertight case and navigate complex diplomatic and legal hurdles.

But after nearly six years of cat-and-mouse, Indian authorities are closer than ever to finally bringing one of the key masterminds of the PNB scam back home.

Will Belgium play ball and hand him over, or will Choksi slip through the cracks once again?